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19 May 2014
EUR/JPY early pressures to the upside
FXStreet (Guatemala) - EUR/JPY is trading on the bid and testing resistance at 139.20 with USD/JPY recovering ground.
Sean Callow, analyst at Westpac Banking Corporation ABN explained that the main focus this week should be on the ECB, with speeches by three influential members today, starting with Bundesbank chief Weidmann at 5pm Syd/3pm Sing/HK, followed in the European morning by two of the Executive Board members, Mersch and Coeure. “These will be a test for a speculative market firmly short EUR/USD given spot is down about 3 cents from its pre-ECB meeting highs”.
EUR/JPY Levels
With spot trading at 139.16, we can see next resistance ahead at 139.21 (Weekly Classic S1), 139.25 (Daily Open), 139.28 (Monthly Low),139.28 (Weekly Low) and 139.38 (Daily Classic PP). Support below can be found at 139.20 (Hourly 20 EMA), 138.98 (Yesterday's Low), 138.87 (Daily Classic S1), 138.78 (Daily Low) and 138.47(Daily Classic S2).
Sean Callow, analyst at Westpac Banking Corporation ABN explained that the main focus this week should be on the ECB, with speeches by three influential members today, starting with Bundesbank chief Weidmann at 5pm Syd/3pm Sing/HK, followed in the European morning by two of the Executive Board members, Mersch and Coeure. “These will be a test for a speculative market firmly short EUR/USD given spot is down about 3 cents from its pre-ECB meeting highs”.
EUR/JPY Levels
With spot trading at 139.16, we can see next resistance ahead at 139.21 (Weekly Classic S1), 139.25 (Daily Open), 139.28 (Monthly Low),139.28 (Weekly Low) and 139.38 (Daily Classic PP). Support below can be found at 139.20 (Hourly 20 EMA), 138.98 (Yesterday's Low), 138.87 (Daily Classic S1), 138.78 (Daily Low) and 138.47(Daily Classic S2).